GE Antares Capital Finances Snow Phipps’ Acquisition of Cascade Drilling
GE Antares, a unit of GE Capital, announced today it is serving as administrative agent on a $66 million senior secured credit facility to support the acquisition of Cascade Drilling Environmental Services, LLC by Snow Phipps Group, LLC. GE Capital Markets served as joint lead arranger and joint bookrunner on this facility.
Founded in 1992 and headquartered in Woodinville, WA, Cascade Drilling began as a regional drilling company operating across three states in the Northwestern U.S. Now, with 30 offices nationwide, Cascade Drilling is a leading provider of critical and non-discretionary drilling solutions and related jobsite services in the North American Environmental and Infrastructure (E&I) markets.
“We have a great relationship with the team at GE Antares. Working with them means certainty of execution combined with capital markets and industry expertise,” said Sean Epps, partner at Snow Phipps. ” We look forward to continuing our financing relationship with GE Antares.”
“Cascade Drilling is a market leader with advanced solutions such as sonic drilling, and a strong management team,” said Doug Cannaliato, managing director of GE Antares. “We are excited about supporting this acquisition and look forward to supporting management and Snow Phipps as they execute on their growth vision.”
About Cascade Drilling Environmental Services, LLC
Cascade Drilling Environmental Services LLC. is the leading provider of environmental, geotechnical, and mining drilling services in the United States. Cascade’s services include track and truck-mounted sonic, air and mud rotary, auger, wireline coring, and direct push drilling. Cascade also specializes in high resolution site characterization methods and in-situ remediation of subsurface contaminants. Cascade supports geotechnical design and geo-construction projects such as instrumentation installation, tunnel alignment borings, construction dewatering, and dam evaluations. Cascade Drilling’s core beliefs are safety, customer service, and quality. Visit Cascade’s website www.cascadedrilling.com and click on the homepage link to Vironex Technical Services for additional information.
About Snow Phipps Group, LLC
Snow Phipps is a private equity firm focused on middle-market control investments. With $1.5 billion of assets currently under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million. The firm utilizes an operating partner model to invest across select industries and seek value creation through an operationally focused strategy. To learn more about Snow Phipps, visit www.snowphipps.com.
About GE Antares Capital
GE Antares is a unit of GE Capital. With offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco, GE Antares is the leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. GE Antares was recognized by Private Debt Investor and Private Equity International as 2013 Lender of the Year, North America and Mid-Cap Lender of the Year, North America, respectively. For more information, visit geantares.com.
GE Capital offers customers around the globe an array of financial products, services and insights to help them grow their businesses. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
GE (NYSE:GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
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